Update regarding FET

I had a great meeting with their team.

I had a meeting with Lyle Williams the CFO of FET and Rob Kukla the Director of IR.

Although there were no new great insights that changed my thesis after the meeting I added to my position for the following reasons:

• Variperm seems to have a niche market and other intangibles that provide a reasonably strong barrier to entry for competitors which gives me more comfort with their cash flows.

• Variperm was bought from a PE firm management knew in Houston so this might explain how they were able to get it at such a cheap price.

• The CFO was very sharp and has a very good grasp of not only the numbers but also the technical aspects of the business.

• The CFO and IR said all the right things you want to hear and they are aligned with shareholders and just as eager and frustrated and believe the stock should be trading much higher, but if not then they will buyback stock until there are only a few owners left (I enjoyed hearing that as a value investor).

Overall it was a great meeting and gave me confidence to add to my position. I think long-term this management team will do every well.